NEW DELHI: Shares of Reliance Communications (RCom) climbed nearly 6 per cent in Thursdays trade after the telecom tribunal allowed the operator to sell its spectrum to Reliance Jio Infocomm, with some riders, in a big relief for the Anil Ambani-owned company that plans to use the proceeds of Rs 975 crore to settle some ongoing disputes.
The stock rose 5.51 per cent to hit a high of Rs 12.45 on BSE.The company had challenged the sought security for the demands by DoT for Spectrum Usage Charges (SUC).After multiple hearings since August 28, TDSAT, vide its interim order dated October 1 stayed the said demand and directed DoT to expeditiously grant its approval for trading of the spectrum, the company informed BSE.A total of 38 secured lenders of RCom have already approved the sale of the spectrum, and the proceeds will be used for making payments to Ericsson India and to RITL minority investors, as per settlement terms.